Since 2018, regulators repeatedly said that the reform of issuing and listing system, increase support for new technologies and new modes of industrial new formats。
For example, with regard to support new economic enterprises listed issues, Commission Chairman Liu Shiyu said recently, after the central ministries to work together, now have high degree of consensus, and there will be related landing system。 Wang Jianjun, general manager of the Shenzhen Stock Exchange recently pointed out, for the return of A shares of overseas listed companies, may take CDR (China Depositary Receipts) way。
The Shanghai Stock Exchange said that is actively carrying out research and operational details of the exchange business rules preparations quality innovation of domestic listed companies。
Person in charge of a private equity investment institutions Shanghai told China Securities Journal reporter, in the past, many organizations there is some hesitation in the primary market for investment in new economic enterprises: first, because most companies is a new industry, it is difficult to market in A shares, investment exit path doubt; second, even if you can A-share market, but aging may not be as overseas listing。 But with the introduction of intensive supportive policies, the future of the new economy companies in the domestic market is expected to speed up the process and modalities and convenient, in addition to direct return to A-share market, backdoor or by CDR regression is possible, the return path diversity is undoubtedly positive equity market。 A brokerage investment bankers South China believes that the purpose of the financing of listed companies, domestic enterprises, only in the domestic market in order to melt more money, receive more attention from investors, so companies are more willing in the domestic market。 In recent years, many overseas listed companies are preparing to return to A shares, after the return is expected there will be many companies。 "A share market to support the new economic policy if companies have to change, such as relaxing the requirements of 23 times earnings release and not yet profitable business listing and other conditions of issue, most of the 'Unicorn' is still very much hope that companies landing A-share market。
"Equity Investment Management Co. in Jinzhi De Forest, deputy general manager Liu said that institutional investors now focus on new areas of the economy, because it represents the future direction of China's economic development, but also representatives of the investment community hopes to create more value increment。 Liu forest expressed support for the new economy A-share listed companies is a major positive for the equity investment institutions; First, the agency will accelerate out of rhythm, which in turn affect capital investment decisions, investment will accelerate the rhythm of the front; more important is the impact on the industry will promote faster, more encouraging innovation, institutions will be more concerned about the unmet needs of the market, to attract capital to focus on high-quality companies, improve capital efficiency; in addition, the degree of professional investment institutions put forward higher requirements, need profit before financial data out accurately determine the ability of the business to grow, and even become the industry leader。
From this point of view, institutional investors also appear differentiation, based on the traditional challenges of profits, income investment institutions will be increasingly likely to encounter。
Reporters learned that many institutions have begun to actively layout in the new economic projects。 Beijing head of an equity investment institutions, said the company recently was and thirty-four "unicorn" companies and securities companies to carry out seminars, the future is likely to cooperate。
Active reserve of new economic projects in East a brokerage investment bank pointed out that the company is currently active in mining, reserves of new economic projects。 In his view, it involves new economic sectors reporting companies, policy preferences is possible, but the IPO standard changes, revisions is unlikely to be completed soon。 "After the recent introduction of relevant policies, the company is still a lack of related projects can be reported, there is a time difference。 "South China a brokerage investment bank, said more and more companies focus on new economic enterprises, have the right to know the project will actively。
For example, in the field of smart city, from a national perspective, although the pilot is not yet fully open, business-related services may not be much, but for technical reserves already in place in the enterprise, once the pilot to expand the scope, their profits will burst out, companies can choose to market to achieve greater development。 Referring to the specific investment industry, forest Liu said that this year the company consider increasing investment in the field of medical, high-end manufacturing, new spending, new technologies, etc.。 The previous head of Shanghai private equity investment institutions said that at present the greatest positive impact by this policy should be the high-end manufacturing and biotechnology。
Mainly because the development of the industry from the current point of view, these two sectors more companies to form a stable revenue and profit。 Of course, before specific policy came out, there is still a lot of uncertainty。 Beijing PE above a person in charge said that representatives of the new economy of high-end manufacturing, artificial intelligence and cloud computing industry has been concerned about the company, policy-driven, the company will become faster exit。
Exit convenience will cause institutions to increase investment in the new industry, "Unicorn", which indicates that the future premium "unicorn" enterprise becomes high, these are institutional investors need to weigh the factors。
In addition, before investing, "unicorn" companies may be more from the perspective of development of the industry to see that now, because of clear exit path, the future may be more biased in favor of value judgment in terms of the likelihood of compliance of listed companies such as。
A share investment ecology has changed recently, affected by the proposed IPO millet and Foxconn will be rushed through other news, the secondary market ushered in a while, "warm", number of institutional investors said that four new economic enterprises are encouraged to visit the capital market, the development of China's capital market has a good role in promoting。
Caitong information management said that as institutional investors, the company's return to the "four new" high-quality company full of hope。
A future stocks will be more favored by the new economy, a new kinetic depth fundamental research leading companies, regression, to determine the endogenous growth in the mining, abandoned the lack of support for the performance of hype theme mode。
In the long run, the investment environment is conducive to the return value of origin, optimize structure of listed companies to boost the vitality of the market, helping to enhance investor returns。
Rock stars investment believe that 2018 is likely to open due to the A-share issuance system and policy changes brought about by the "value growth stocks" or "new blue chip" investment wave, and as a good investment and corporate finance benign win-win and mutually reinforcing。 According to the latest policy developments and technology business developments, the future of large companies in the biotechnology, cloud computing, artificial intelligence, high-end manufacturing and other fields (Unicorn) is expected to return and give priority to the domestic large technology companies positive response and support this will drive the company's a-share market greatly improve the quality of。
Xing card information management pointed out that these short term measures to stimulate the secondary market to some extent, high-tech, high valuation of Internet companies judgment and tolerance, medium and long term will have a profound impact on the secondary market investment in ecological。 Reflected in direct support of new economic sectors to market, reduce differences A shares issued system with international markets; the new economy; new economic enterprises on behalf of the future direction of the industry structure, market for new economy companies help investors to share the results of the new economy by A shares leading companies listed on the domestic institutional investors the opportunity to participate directly in the emerging industry leaders, a shares can only change the past as an overseas investment "map", the concept of institutional investors have not faced the embarrassment of the performance, structure more conducive to investors institutions, professional。 In the specific investment direction, Topix information management believes that the long-term perspective, "consumer upgrade" and "innovation-driven" remain highly concerned by the market, the growth factor excess return is expected to be even more pronounced, more in line with the new direction of the economy listed companies will provide a good basis for a bottom-up stock selection。
Shanghai general manager of one thousand wave beam assets of its wholly believe that the Internet industry, artificial intelligence and other comparative industry attention on specific investment, to grasp the trends of the industry, segments of the leading companies more worthy of attention。
Rock stars investment believes that China's bio-pharmaceutical industry born in the A-share "unicorn" the company's investment opportunities are most likely to occur。 Referring to the risks related to the secondary market sector investment, its full beam, said SMEs themselves relatively large changes in fundamentals, most of the new economy industry is still in its infancy, the industry can not predict the future development of the state, but is also booming in。 From the point of view of diversification in terms of traditional industries usually only need to select forty-five stocks, while small plates holds more numerous, although not completely avoid the risk out, but as long as the fundamentals are not too bad, can be more Some choose to spread the risk of investment targets。